The Headaches Are Chasing Me

Having three months here, I thought I would have all the time in the world to pursue some projects that I had started long ago, but have been left hanging for quite a bit time. Thus far, it has not happened. There seem to be multiple things that need caring for where we still have ties: Hungary and Florida. These are impeding on my time.

It is with utmost respect that I share that our tax accountant has just this week passed away. Being an expert in ex-pat taxes, we depended on his expertise. Aside from being a tax accountant, having a doctorate in business, he also taught university in Florida. Not only did his death put me in a tailspin, but also having to find a new accountant who is well verses in ex-pat taxes is another ordeal. 

Before he died, our accountant suggested a colleague who was one of his former students. This accountant is in NY. When I wrote him, he was too busy to deal with us so suggested his partner work with us. Well, it was more than a part-time job getting the partner to set a day and time for a Skype call. After my fifth attempt at setting a day and time, that was mutually agreeable, I gave up trying. I sent him an e-mail stating that his lack of professionalism was not something I could abide by. 

He would suggest dates and times for a call and within hours of his e-mail, I responded with my choices. It was only after the entire list of options had passed, he responded with excuses. “I didn’t see your e-mail in time” or “You sent it so late and I don’t work weekends” or “I have been so busy, it turned out none of the dates and times would have worked for me after all.” I did catch him in one excuse. For weeks my computer refused to change over to this time zone, so all my mail showed Hungary time, not Ecuador time. The accountant and I are in the same time zone. 

Nevertheless, it has been a chore writing to various accountants who presumably are expert in expat taxes, and then waiting for a response after asking if they will work with same sex couples. 

Then, there were problems with the condominium in Florida. The tenant’s lease was up, but they wanted new carpeting before renewing the lease. After telling the property manager we would not make any decisions until we get pictures of the current carpeting, we never heard another thing. In the meantime, I thought we would just replace it with tile or pseudo-hardwood. It turns out our condominium association does not allow for anything but carpeting in any apartment above the ground floor due to noise. 

After writing multiple e-mails to various people at the property manager, I never did get pictures of the carpeting, so I decided to wait them out. The lease was over in November. December and January’s rent has appeared in our bank account, so even if I have yet to get a copy of the new lease, they must have renewed.

Today, I received an e-mail from our Budapest tenant. The poor guy just returned from The Netherlands and his heater is not working again. We have had Budapest Repair out there three times for this furnace. The first time we had them come out; they brought a specialist with them who had to replace the starter. About eight months later, we had to call them again. This time the gas lines needed cleaning out. On the third visit, it was something else. We did not go over for the third time, because our tenant said he could be home. I do not remember their excuse for the third time. Each visit was a minimum of $100 and still the thing is not working properly. 

AND I am still the thesis advisor for one last BA student in my previous Journalism program. She sent me two sections of her thesis. I read one, wrote innumerable comments and sent it back. Then I forgot the second part until today.  That took another couple of hours to read and comment on. It is so difficult advising without being able to do a face to face.

I mentioned to Ron, we should sell all the properties and buy something down here instead. Then we would only have one headache rather than three. 

In between all of this, I am trying to fit in culling my photos to be uploaded and we are still managing to get to museums, go shopping at the markets, and have dinner out with friends. More happier news soon.

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The Condo is Rented

I received an e-mail from the property manager tonight during one of those freak moments when the Internet was working. Our condo has been rented for July 1st. They passed the inspections of the property manager and the Home Owners Association credit screening. 

As impatient as I can be at times, this really happened fast considering we have not owned it for 60 days yet.

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Florida Condo Updated

The property manager just sent me photos of the condo now that it has been painted, the appliances are all in place (with power cords), and the bathroom light has been replaced. He said the Realtor who they work with was very impressed believes it will rent quickly.

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All Washed Up, But Not Going to Dish It Out

Yesterday was the day our appliances were going to be delivered to our place in Florida. The property manager was planning on being there for the delivery and promised to e-mail a progress report. There was no reason for us to hang around, being six hours ahead and 3,000 miles away, so we went out for the evening.

When we returned home, I found this e-mail from our property manager. "I am at the unit with Brandsmart and it seems like you ordered 2 washing machines instead of a dishwasher, I have them taking one back to replace but I'm sure the dishwasher is cheaper so you will have to get a credit from them. I will verify the prices when I get back to the office but in the meantime please double check the order."

I start spinning like a top. I knew I did not order a dishwasher, but I was also positive I did not order 2 washing machines either. I found the receipts that I had already sent to the property manager, wondering where he even came up with the idea of a dishwasher. By gosh, I have to hand wash my dishes, the tenants should have to also. But 2 washing machines? Where was he getting this. 

I had multiple copies of receipts. I forwarded each one to Alain, our property manager, stuffing up his Blackberry with data. I envision his Blackberry becoming so engorged,  blackberry juice squirts in all directions drenching him. Well fine then. That will teach him to read the invoices properly and see there was never a dishwasher on the list. The 2 washing machines were the screw up of BrandsMart. What can I say?

For the 47th time, I look over the receipts for the appliances I had ordered. Refrigerator, microwave, stove, washing machine, dryer. Quantity: 1, 1, 1, 2, 1. Whoa! Back up there. Where did that 2 come from. As it turns out, with all of the order numbers, sku numbers, dimensions, prices, and capacities listed on the paperwork, the quantities did not pop out at me. I admit that I have a mild form of dyscalculia, the numbers version of dyslexia. My mild version results in number reversal. If I need to use 21, I have make sure I do not put 12 instead. This takes a great deal of time checking and rechecking, especially with all of the districts, building numbers, prices, and phone numbers included in my books.

Calling Florida to get this straightened out again is going to be another joy ride, but life is one adventure after another. 

The icing on the cake is that the appliances did not come with power cords. You have to buy them separately. When the hell did that happen? Every washer and dryer I have ever bought had an electric cord permanently attached to the back. When did this stop, but the better question is why did it? To gouge more money from the buyer? These cords are $15-30. each. God bless capitalism, consumerism, corporations, and God help the working poor, the destitute, the disadvantaged.

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Fun in the Sun Via the Internet

How to buy an apartment online. Perhaps I should write a little booklet.

Closing was on Tuesday. Check that off the to do list.

Hired property manager on Tuesday. Check! 

Hired painters on Tuesday. Check!

Painters arrived on Wednesday. Check!

Picked out appliances to be ordered on Wednesday. Check!

Created online account with Florida Power and Light on Wednesday. Check!

Moved electric service into my name on Thursday. No Check! Tilt! Nada, Nincs, No way Jose.

Their online form would not accept our address as a valid one. Sent an e-mail to our association manager who suggested six different ways of entering the address, most of them not using the name of the street as McNab, but rather 15th Street. I have not cared for the name McNab anyway. It sounds like the name of a pickpocket at a fast food restaurant run by clowns. Still nothing, so today I called Florida. 

When you hear the initial message warning about how overworked they are taking other callers just like you, so please stand by, I just want to scream "HIRE more people if you are that busy." But before I could form the words, a live person as speaking to me. Within minutes she opened an account in my name and after asking for my social security number, she informed me that due to my "excellent credit" I would not need to make a deposit. Left me wondering what else she could divine from those nine SS digits. Kind of scary! So we were moving along nicely when her computer refused to cooperate. It seems that their software requires a middle name or bare minimum an initial. Sorry, I don't have either. Sorry, the computer will not let you move on to the next level in this game called FPL. What I was informed I had to do was fax in a scan of my passport or birth certificate showing I had no middle initial or name. Temptation crept in prompting me to say "Gosh darn it. I had forgotten about that F. that sometimes appears between the Ryan and James at rare times. However, if I had, it may have messed with my excellent credit. 

When I feigned ever seeing a fax machine in this foreign country, I was transferred to another woman. She too was super professional, asked me what the problem was. She put me on hold for a couple of minutes and came back to say they would by-pass the computer code and open my account.  How many parents living in Florida are feeling obligated to give their new born a middle name, because per chance that child may need electric service of their own.

Had I known when I changed my name legally from Richard James French Jr. to Ryan James that I may one day need a middle initial or name, I would still wouldn't have done it. That was in 1978 and this is the first time it has ever been an issue. Go figure.  

So now 4035 15th Street, 203 has electricity. I hope to hell that is either 4035 McNab 203F or 4035 15th Street SW. If not, I hope whoever it is knows what being GREEN is all about.

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Done Deal

It only took 1,493 e-mails, but it is done. We now own a condo at 4035 W. McNab Rd. # 203F in Pompano Beach, FL 33069 or the alternative address that the electric company seems to prefer is 4035 SW 15th Street, Pompano Beach, FL 33069. The closing was completed today at 9 am Florida time.

I hired a property manager who will start on May 1st. The painter I hired will start tomorrow. When that is done, the order for the stove, refrigerator, microwave, washer and dryer will be placed and delivered. We will be all set to open for the business of renting.

If Mike G. should ever read this, I owe him a humongous debt of gratitude for being my eyes on the ground and reporting back to me everything he observed. He went above and beyond a long-term friend, but since I have only known him from e-mails and than only since February, he is incredible.

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Our New Investment

We will be having closing next week on our new place. It took the bank what seems like forever, because this was a short sale. What I have learned during this process is that a short sale is when the bank realizes the mortgage holder is not going to make good on their contract. The bank in this case can either sit on the property or they can sell it for much less than what is owed on it. Since financial institutions don't want to be property managers, they have a tendency to approve the sales eventually. The thing about a short sale is that you cannot get a loan for the property; it has to be paid for in cash. Before the institution will start the paperwork, you have to provide proof you have the money.

When I first Googled this particular property, I found the site that had the initial offerings when the complex was new. The units were advertised for $300-350,000. With the tanking Florida economy as well as country-wide, I can guarantee you they are no longer that price. Bargains are to be had and there are still plenty of people wanting rentals even if these properties are being sold by snowbirds.

It is a 3 bedroom - 2 bath unit with a garage and 2 assigned parking spaces. It is at 4035 W. McNab Road in Pompano Beach, Florida. Four of the seven property managers I contacted as possible hires, declare we can get between $1,100-1,300 a month for it. I am not giving the unit number, because I know how generous you all are and I just don't want you rushing over with housewarming presents, since we won't be home that day.

Photos of the place pre...
Pre - painting
Pre - getting the new refrigerator, microwave, stove, washing machine and dryer put in
Pre - replacing the kitchen tiles

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If You Are Persistent, You Condo It

Did you notice the pun in the title? Fantasy is starting to turn into reality. After more than a few false starts with underachiever real estate people, I finally found one who was willing to do some work. Wow, you would have thought the Florida economy was busting at the seams the way they reacted (or not) to my inquiries, but since things there have all but imploded, they should be courting me. 

The first referred Realtor was from a blog reader. This was like playing the old TV show The Dating Game.  It first aired in 1965 and is in its umpteenth incarnation still on TV.

Realtor #1, if I were a home, what type of home would I be? I am sorry, Realtor #1, but I cannot hear your answer. Oh, I see, you are ignoring me. 

The second referral, a woman Realtor, was from the same source as #1.

Realtor #2, if we have X amount of cash to spend, where do you see us buying a property?

"Hello! My name is Christine. Thank you for contacting me. I hope to assist you in all of your real estate needs. What can I do for you today?"

Um, Realtor #2, if I were a condo, what would I be seeing out of my windows? 

"The real estate market in the Fort Lauderdale area is booming with opportunities. How can I assist you in getting your dream home?"

After writing to a couple of social groups in the area, two different people were courteous enough to suggest other Realtors. 

Realtor #3, we live in Hungary and plan to stay here, but we are anxious to see what you have to offer. How can you entice us with your goods?

"When do you plan on moving here?"

Realtor #3, we are looking for investment property, not to move there.

"When you move here, I will be happy to take you around to see what is available. Until you move here, it is impossible to say what will be on the market."

Realtor #4, you were referred to us by a Budapest, Hungarian who has only relocated to Florida five years ago. If we were spacious living space, how many rooms would we have?

"Oh, you would have hundreds of rooms. In fact more rooms than you have cash for. You really should get a mortgage. Here is the name of a Bank of America Loan Officer."

Realtor #4, we have done our thing with your friend the loan officer and he has given high approval ratings. Can we all get it together now and see where it leads us?

Realtor #4, are you there? Realtor #4?

Finally, after browsing through dozens of real estate "alerts" from three different real estate agencies including Multiple Listing Services, I came across the property we are buying. I contacted the selling agent directly. She turned out to be the ONE! It was worth the wait for the incredible help she has been.  

Linda Martignetti

Century 21 Tenace Realty, Inc.

1835 University Drive

Coral Springs, FL  33071

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Just Blame It on Ray

My life has taken major twists and turns in the last few months and it is all Ray's fault. Who is Ray? Ray is a reader of the is blog, who have become an intermittent e-mail penpal. If you search for Paris or Nice, France within the blog, you will find Ray. The topsy-turvey started when Ray mentioned that after selling their Nice apartment, he and his partner bought a place in Fort Lauderdale. Note that Ray owns a B and B in New Orleans. Their apartment purchase started my gears to working. When the economic meltdown happened in the US, we thought of buying a place in Boston. Ron even contacted a number of real estate agents checking on what was available. Not one had the courtesy of responding, so it went by the wayside. 

When Ray mentioned their acquisition, it started me thinking again. We have no real permanent address in the US. We use my father's address, but now that he is in a nursing home, that address is not going to be any use to us any longer. Neither of us have a driver's license any longer. After extending our CA license through the mail as many times as possible, we finally let it go. Ron tried to get an Iowa license when visiting last year, but it required too much documentation to make it happen. 

Each winter, we take off for a warmer climate for a month and have for the last twelve years, so thoughts of potentially living in a warm climate when we do decide to return to the US seemed like a no-brainer. Ray just happened to mention that there was another apartment for sale in the same building that they bought theirs and sent me the link. Just from looking at the pictures, I knew this was something we should pursue, so I made a list of pros and cons and presented it to Ron. With the pros far outnumbering the cons, we were in agreement. 

As it turned out, the real estate agent for the property was not as responsive to my e-mails and I have little patience with what I perceive as poor service. I also wanted to learn more about the area and Google is my friend. I found a number of social organizations where we could easily fit in and have the opportunity to create a sense of community quickly when we chose to make the States our home again.

Wanting someone on the ground with their finger on the pulse of things, I sent an e-mail to two of the organizations I found. After explaining where we lived, what we were looking at and looking for, I asked if anyone would be willing to correspond and give some direction as we moved forward. 

Two very nice men wrote back. One was Mike Golan who also referred me to a Realtor and the second gentleman, was Istvan Belucz, a Hungarian who was now living in Florida for the last six years. He too referred me to a Realtor. Using Mike's referral first, because he was the first to respond, his Realtor told me that the property Ray has put me on the scent of was a short sale property and then gave me this real estate lesson:

Now, there is an arena permeating throughout Southeast FL: the Short-Sale and Foreclosure syndrome (actually across the USA to which you must have heard about it in the news abroad).  This is quite an education and I will try to give you a crash course on it.

A Short-Sale is when a person bought a property about 3 to 5 years ago at the highest price of the market (say a condo at $300K) and the buyer took an exotic balloon mortgage at 1% interest for the first 2  or 5 years then the interest balloons up to 8, 9 and even 10% afterwards.  The intent was for those people to fix the property and flip it but, what happened is the market began to tank and those people missed the market.  Now their balloons have exploded and their loan payments jumped from $600K per month to $3,600 per month.  So, now they bought a house at $300K, owe about $240K but the present market value for their property is now only $175K.   So, if they sell their properties at present market value, they will need to come up with $65K cash, which, of course, they don’t have.  At that point, you ask the lender(s) to forgive the difference and close the property.  Some other people need to make a move, for whatever reasons (a job transfer or the house is too small because they have a new addition to the family) so they are also in the same financial predicament and need to do a Short-Sale.  However, in a Short-Sale situation, the lender does not own the property, so an offer has to be accepted between the buyer and the present owner.  Then, the contract is submitted to the proper lender(s) (often time there are a first and a 2nd lender).  The contract will sit at the primary lender’s desk for an undetermined amount of time (usually 2 months) until they get to it.  If there is a second lender, that will lengthen the process because the second lender will try to get something back to recuperate some losses – the battle between them begins.  After 4 to 5 months, they will give us an answer saying that they probably want more or else.  Again, usually the buyer will not go up and walks away from the deal.

A foreclosure is quite different:  In a foreclosure instance, the primary lender is now the bona fide owner of the property after having been awarded the right of ownership by a foreclosure judge.  The second and/or 3rd lenders are completely out without a penny.  This allows the lender to hire a real estate agent, place the property for sale and entertain offers.  But the catch to that is that the lenders have been inundated by so many foreclosures in the past three years that they have finally figured out how to sell those properties.  They have created what I call a “blind auction” which means you make an offer at the full asking price, then the lenders respond back in a few days saying “we have had multiple offers and you need to came back with you best and final offer” (there is no way for anyone to verify that.)  People tend to bid up and often times, they may be bidding against themselves.  Right now, the proof of that is when they close; we can see what the asking price was and how much they closed for.  Don’t get me wrong, there are foreclosures that take forever to sell or that will be sold at substantially less than the asking price but there is a reason for that: everything is relative to location and aesthetic.  Those properties that are sold at much less than the lenders asking prices are because they are dumps and no-one wants them.

Doing short-sales is quite tedious a process and it takes time. Often times, one can find quite a treasure in a foreclosure but, you kinda have to be here for that and when it strikes you, you need to make an offer immediately without flinging and be prepared to go higher than the asking price.

Forewarned is forearmed as the saying goes. I was getting an education in a whole new area.

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Schlep By Sarah Silverman

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